Newmark Real Estate represented Central Pet in the transaction. Nick Cangemi, associate director of the firm's Long Island office, along with Dan Frankel, a principal in the firm's Woodbridge, NJ office, authored the deal. The ownership, the estate of Meyer Lang, was represented by Robert Lang.
Central Pet had an extension to renew its occupancy for two years, followed by another three years, but the company opted for the longer term at its existing North Jersey location. According to Cangemi, "we surveyed sites within a 150-mile radius, both in-state and out-of-state, for the past two years. What we found was that the tenant would benefit from remaining at its current space at 301 Island Rd."
Under the terms of the renewal, a lower rental rate was negotiated for the tenant, according to Cangemi, effectively in exchange for the longer term. The owner also agreed to make some capital improvements in the building. The parties declined to disclose the rental rate.
Central Pet's local location is said to be the largest distributor of pet supplies in the eastern US. The facility stocks more than 21,000 products, according to company officials, and distributes them to a 20-state area. Parent Central Garden and Pet Co. is the largest national distributor of lawn and garden products and pet supplies in the country.
"We are pleased to have consummated this lease renewal on behalf of Central Pet," Cangemi says.
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